Big Story 10

Outgoing Axalta CEO to lead Akzo Nobel chemicals

AMSTERDAM (Reuters) - Charles Shaver, the outgoing CEO of coatings maker Axalta, is set to take the top job at the chemicals division of Dutch paint maker Akzo Nobel, the division’s prospective owners Carlyle and GIC said on Monday.

Axalta said on July 25 Shaver would depart on Sept. 4 to “pursue a unique professional opportunity”.. Akzo Nobel agreed to sell its chemicals division for 10.1 billion euros ($11.6 billion) to Carlyle and Singapore’s wealth fund in March.

Carlyle and GIC said in a statement Shaver’s appointment was pending completion of the chemicals division sale, which is expected before the end of the year.

Reporting by Toby Sterling; editing by David Evans